ProLogis chief’s contract gives him a long leash
Adam Coffer
ProLogis Kingspark chief executive John Cutts has signed a contract allowing him to pursue interests in other development companies.
Cutts, who led PK’s drive towards a pan-European network, has committed himself to the company for a further five years, but said: “Our new European set-up, whereby directors from each of the major European countries form a central board, gives me the freedom to carry out roles as a director in other companies.”
Cutts founded Kingspark, an industrial development company. It was bought by US REIT ProLogis for £97m in 1998, a subsidiary of Security Capital.
Last September, ProLogis raised Û1.03bn ($1.07bn) to finance further expansion into Europe in one of the biggest ever equity transactions by a property company in Europe.
There is speculation that Cutts is to move away from ProLogis to join former colleagues Steve Ferris and Richard Saint at Astral Developments, a company in which Cutts has an interest through development firm Parkridge.
A source said: “He has something of a golden touch and has been widely expected to go over and turn Astral into a massive success like he did at ProLogis.
“The whole industrial market is talking about it.”
Cutts said: “I have been around the block so people mention my name all over the place. I do have a stake in Astral as chief executive of Parkridge, but I am committed to ProLogis, have signed a contract and am not leaving.”
